Singapore "starter kit" for wealthy givers
The National Volunteer and Philanthropy Centre (NVPC) is to set up Singapore's first community foundation to provide a new vehicle for charitable donations. It will fill the gap between family foundations and the Community Chest and act as a 'starter kit' to encourage the emerging wealthy to give without necessarily setting up their own foundations, said Dr Vivian Balakrishnan, Minister of Community Development, Youth and Sports. Initially, donations to the community foundation must be upwards of $1 million. Where feasible, the foundation will help combine funds from a number of donors into a common pool for more efficient management. With such an arrangement, the costs incurred by donors will potentially be lower than if they were to set up their own foundations, said NVPC. The Government will kick-start the initiative by providing up to $10 million for a limited period for the start-up and administrative costs.
Source: Todayonline.com, 7 March 2008